This week, there are more unlocked projects, and 9 projects are worth attention, which is much more than the previous weeks.

Among them, DYDX, TOR, HFT, NYM will face large-scale unlocking, while LQTY, GAL, EUL, and 1 INCH will face small-scale unlocking. The unlocking of SAFE is the most special, and the SAFE token is not open for trading yet. Odaily will detail them one by one in the following text.

dYdX

Project website: https://dydx.exchange/

Unlock quantity this time: 6.52 million tokens

Unlock amount this time: (approx.) $12.98 million

dYdX exchange is a decentralized perpetual contract exchange, which operates on the L2 blockchain system and provides spot/leverage/lending services on L1.

dYdX utilizes a hybrid infrastructure model, mainly non-custodial, on-chain settlement, and off-chain low-latency matching engine with an order book.

DYDX has a circulating market value of over $330 million, making it the largest project in terms of market value among the unlocked projects this week.

The locking scale of dYdX token is huge, with 76% of dYdX tokens still locked. In terms of circulating supply, it accounts for 3.87% of the total circulating supply, with a value of approximately $13 million. This number is quite impressive and worth paying attention to.

However, from the perspective of unlocking history, the token is still following the usual unlocking process, unlocking once a month.

Tornado Cash

Project Twitter: https://twitter.com/TornadoCash

This unlocking quantity: 23,000 tokens

This unlocking amount: (approximately) $89,000

TORN is the governance token of the Tornado Cash protocol, used for voting and determining the direction and improvement of the protocol. Users holding TORN tokens can also receive a portion of the protocol's fee income as a reward.

In August 2022, the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury announced sanctions on Tornado Cash, accusing the service of laundering over $7 billion in the past three years and assisting the North Korean state-operated hacker group Lazarus Group in evading U.S. penalties.

Unfortunately, a few days after the sanctions were imposed, the Tornado Cash DAO announced its closure. The team also removed the DAO's multisig. As the once most popular privacy transfer protocol, Tornado Cash disappeared.

This unlocking involves approximately 23,000 TORN tokens. Currently, 33% of the TORN tokens remain locked.

TORN unlocks evenly, with a similar unlocking quantity each month.

Hashflow

Project website: https://www.hashflow.com/

This unlocking quantity: 3.23 million tokens

This unlocking amount: (approximately) $1.26 million

Hashflow is a decentralized exchange that aims to achieve zero slippage and provide MEV protection for trades. Hashflow is currently available on Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, and Optimism, among other chains. By introducing professional market makers to manage liquidity, it offers better trade prices and lower slippage.

There is a large amount of DYDX lock-up similar to HFT, and up to 76% of the tokens are still locked. The current unlock of 3.23 million tokens accounts for about 0.3% of the total supply, but in terms of circulation, it is 1.84% of the circulating supply.

Moreover, from the release model point of view, this kind of unlock happens every month, and the market is already familiar with this unlock rhythm. According to the release curve, it will not be until November of this year that HFT will experience an unusually large unlock.

NYM

Project official website: https://nymtech.net/

Unlock quantity: 12.5 million coins

Unlock amount: (approximately) 2.55 million US dollars

NYM is a privacy infrastructure project. NYM's technology is based on traditional VPN or Tor network, but with differences. Unlike common privacy projects that focus on the underlying blockchain and upper-level applications, Nym focuses on privacy protection at a more fundamental network transmission level. The protocol aims to prevent such data leaks by protecting the metadata of each data packet at the network and application layers.

Developers can directly bind their applications to the Nym system through Mixnet to achieve privacy protection at the network transmission level. For the encrypted ecosystem, any public chain or Dapp can integrate with Mixnet to achieve a combination of functions with Nym, and use Nym to provide a new level of privacy protection services for their users.

The NYM token is used for its mixnet privacy system. Only those who hold NYM can access the mixnet and run mix nodes, ensuring the high quality of operators. Mix node operators can receive NYM token rewards. The token economics show that the total supply of NYM is 1 billion coins. The token distribution started on April 14, 2022.

Currently, more than half (55%) of NYM tokens are still locked. The 12.5 million tokens unlocked this time belong to the community, accounting for 2.64% of NYM circulating supply.

In terms of unlocking history, the scale of this unlocking is not large. There have been many instances in the past where the unlock was much higher than this.

Other Unlocks

The unlock of SAFE tokens is the most special one among the token unlocks this week. This week, 20 million SAFE tokens will be unlocked. However, the SAFE tokens are not yet available for circulation, so the token unlock will not have any impact on the price, nor any public market trading activity.

1INCH continues to have small unlocks on an ongoing basis. 1INCH unlocks a small amount every week, which is less than 0.1% of the circulating supply. A noteworthy large unlock occurs approximately every six months.

In addition, LQTY, GAL, and EUL have small unlocks as well. However, the unlock amounts are less than 1% of the circulating supply.